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How will COVID-19 affect the world economy

Coronavirus has completely changed our reality and now more than ever before countries sand their economies need to stick together to figure out how to survive and then recover from these tough times. The coronavirus outbreak has touched almost every single country and the numbers are just starting the climb. While all the talk about flattening the curve and practicing social distancing will hopefully make sure to slow down the spread of the virus there is no clear plan on how the countries will handle the economic aspect of the outbreak. Tracking the coronavirus map will help you stay up to date with the regions that have been hit the hardest with the virus and judge for yourself the economic toll that COVID-19 could have on these economies.

It is true that right now the number one priority is making sure that people stay healthy and that everyone who needs medical care will be able to get it. The most vision thing about this outbreak is its speed and how fast it can take over the entire cities, stunting every single project, putting cities in the lockdown and locking people inside their homes. As you can see on this coronavirus map online, the numbers are constantly growing. The healthcare systems around the world but specifically around Europe are just getting ready to face the peak of the virus, and most of them are trying to prevent this outbreak by taking necessary precautions beforehand. The economies worldwide will be affected and it will take a long time before things are back to normal. But since the nature of the virus is still unknown and we are struggling to contain it, the consequences might be much wider than just the health and wellness of people around the world. The economy will also be affected, creating even more challenges for the local governments to find the resources to fight off the virus, and hopefully, soon we will see that numbers on the coronavirus map world will start to go down.

Which industries were most affected?

While the human toll that the virus has already taken and many more lives that are still in danger in the most important concern right now the world is slowly waking up to how much the world economy is going to suffer from this outbreak. Watching coronavirus map live will highlight just hot fast this disease is spreading. Since the majority of cities are now in lockdown and have suspended all flights and inter-city travels the entire tourism industry is collapsing, the majority of small and medium businesses are shutting down and people are starting to wonder whether or not this will cause the crash just like the one in 2008.  As highlighted on covid 19 map world, the region that is most affected right now is Italy, a country that relied on tourism and food industry very heavily. The currencies have become unpredictable, it’s yet unclear when the world will return to normal and whether or not the countries will find a way to sustain themselves amidst this difficult time. The airline companies had to cancel thousands of flights, granting millions of passengers their refunds and canceling all upcoming flights all throughout April. The travel restrictions with countries are currently set to end at the end of April but it is quite likely that this date will be postponed once again and coronavirus map 2020 will stay relevant through the year.  Not to mention the tour agents, restaurants that operate specifically for tourists and many other recreational activities and businesses that rely on foreigners to stay in business.

The lockdowns have had a huge effect on the business sectors, specifically the food industry. Most of the cafes and restaurants and shut down, leaving millions of people unemployed. The healthcare systems are stretched to the max with a clear need for financial assistance as coronavirus map real-time updates who no sign of stopping. meanwhile, traveling even using the supply chain has become just that much stressful, leaving the population wondering whether or not this new era means that the world economy will have to completely redefine itself. Small businesses around the world are asking for help from the government and their loyal customers to help them outlive this massive outbreak. While some will manage to survive and get back on their feet, it’s quite likely that a lot of them will have to close down for longer periods of time. It is now common knowledge that economy will have to go through one of the toughest periods over the last few decades and the countries are bracing themselves for the challenges but some are more hopeful stating that we are now better prepared than ever before to tackle these hurdles and come back from the hard times better and stronger than ever. Since we have tools like map coronavirus and can watch these updates live people are overall more informed and therefore aware of the situation.

It’s also important to mention the sports industry, that had to postpone thousand of major events this year. While this left most of the fans pretty upset everyone is on board with the common threat, and besides, there are now companies offering VR experiences or some other form of digital replacement for those missing the regular sporting events too much. While you can watch the map coronavirus live you can now also enjoy some of your favorite sports online too.

What about working remotely?

Working remotely has become one of the most talked-about subjects because those who were lucky enough to retain their jobs, started doing their tasks remotely from home. This raised a lot of questions about how much can actually be done from home and whether or not this model of working should be embraced more in the future, even after the outbreak has reached its peak and has calmed down. The digital world offers us many benefits, even a covid 19 tracker. Working remotely has given a lot of families a relief of knowing that even though their offices are suspended they can still work and make money to sustain themselves even amidst the outbreak. While freelancers, web developers and generally occupations that require nothing more but you and your computer will not experience this change so rapidly, for the industries that are more new to this, it is a big change that will take some time to adjust to. Either way, the technology and the development of our social media has allowed many companies to continue operating even as the outbreak is roaring. If you are currently working with the company that allows you to work remotely you are ina much more privilege position than the majority of the workforce these days. Some companies have even come out to offer temporary remoting jobs to those who have lost their jobs due to the outbreak, helping to keep the income in families that were dependant on these jobs. Hopefully, we will see more initiatives like this in the upcoming weeks from larger companies.

Should I worry about the stock market crash?

The best advice given out on this topic is to just not check your stocks over the next few weeks. As numbers on covid 19 map get higher the share prices get lower. The markets have taken a massive hit and there is no going around about it. Despite many measured from the banks around the world to try and stop the drastic changes from happening it looks like the stock market, along with the FX Market is about to become a nightmare. The tools in place to maintain the current levels can only last so long and the big changes are definitely coming and most likely they won’t be positive. A lot of people are now comparing this period to the 2008 crash, but while the situation is definitely bad, we might actually be better prepared this time. The World monetary fund has issued a reassuring statement, saying that while yes, the next couple of months are going to be hard, but at least this time we have more tools in place to deal with these issues that we did 12 years ago. As we mentioned a lot can be done online these days and the situation would have been much worse if we were stuck in times where it was impossible to work remotely or keep track of the virus by using covid 19 map live for example. The fact that the economy is much more interconnected today than it was even back during the 2008 crash is, of course, worrying, seeing that so much of what we usually depend on will be inaccessible or much harder to get. But as the Monetary Fond has reassured us, we do have what it takes to come out of this crisis better equipped for the next one. And while industry professionals are torn about how long it will actually take to make these changes disappear, the consensus is that it should not take more than a 1year for things to start to feel normal.

Will, the vaccine make things better?

The main issue about COVID-19 is that there is no vaccine. So no one is immune to this virus, hence why it is spreading so quickly. While it is nice to think that things will get back to normal in the next month or two, the reality is that until there is a vaccine there cant be a return to normal. People will continue to get infected by the virus until we have a vaccine that would protect us again from the coronavirus. According to the medical professionals, the vaccine would take at least a year to develop and test, maybe even 18 months. This is not to say that things won’t get better and people won’t stop getting infected so much, but we will have to say goodbye to our normal lifestyle for a while until we can safely gather in large crowds without the fear of infecting each other, which will be present until there is a vaccine. Before that the corona map spread will continue to grow.

The U.S, Germany, and Israel are working to get the vaccine ready, but it will take a lot of time till it’s approved and safe to use. This is why the countries need to focus on temporary solutions that could also serve as a long-term lifestyle change and that would allow the citizens to keep their normal lives, even if they can’t gather outside in huge crowds. The world will need to show resilience as the economic downfall becomes more apparent and the world will need all the help it can get, to get back on its feet. Resources like these, corona map live or other tracking and informative technologies should make the process much faster for everyone involved and hopefully help to de-escalate the situation more quickly.

As mentioned above we are not better equipped as a society to handle challenges like these so despite the fact that we definitely have some tough months ahead of us, we will manage to survive and get back to our normal day-to-day lives soon enough. Meanwhile, you can track the updates using our corona map virus live and stay informed.

 

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